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In community property states, marital debt is usually split 50-50 between both spouses, as it is considered jointly owned. In equitable distribution states, courts aim to divide debt in a fair but ...
Even if the legal split occurs at a time when your employer is not doing open enrollment for benefits, a divorce typically qualifies as a life event that allows you to enroll in most employer ...
But if you start commingling it with your marital assets and divorce later, problems can arise. D'Agostini also says each partner should keep their premarital assets separate, if only to simplify ...
A spouse who has made non-tangible contributions may claim an equitable interest in the marital property at divorce. The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either ...
Separate Property with Equitable Distribution: Under this system, when substantially more property acquired during a marriage is owned by one spouse (e.g. title to all marital property is held in the husband's name only), the courts will make an equitable distribution of the richer spouse's property at death or dissolution of the marriage.
Income splitting is a tax policy of fictionally attributing earned and passive income of one spouse to the other spouse for the purposes of assessing personal income tax (i.e. "splitting" away the income of the greater earner, reducing his/her income for tax measurement purposes), thus reducing tax rates paid by the spouse who earns more and increasing rates paid by a spouse who earns less (or ...
“When couples are dividing assets and one says, ‘I would just like the $1 million cash, you take the $1 million vacation home,’ that looks like they’re splitting things equally — but is ...
Marital deduction is within tax law that allows a person to give assets to his or her spouse with reduced or no tax imposed upon the transfer. Some marital deduction laws even apply to transfers made postmortem. The right to receive property conveys ownership for tax Purposes.